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Bitcoin has soared by 10% in 24 hours. Who is behind it?

October 1, 2021
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Bitcoin is more powerful, breaking through the near-term range.

Before the U.S. market on Friday, Bitcoin rose by more than $2,000 in the short-term, and it rose by 10% in 24 hours, approaching $48,000 per coin. Ethereum broke through US$3,200 per coin, and it rose by nearly US$100 in the short-term, an increase of over 7%.

Financial website Forexlive analyst Justin Low said that there is no major news that has caused prices to soar, but from a technical point of view, this is a key move for longs to break through the recent range. The downside momentum in September failed to break the 100-day moving average, and now the bulls are trying to break the 200-day moving average, setting their sights on the highs of approximately $48,000 to $48,800 in mid-September.

Joseph Edwards, head of research at Enigma Securities in London, said the soaring trading volume on crypto derivatives exchanges may be the driving factor for these initiatives. Derivatives transactions usually affect the spot price of the Bitcoin market.

Vijay Ayyar, head of cryptocurrency trading platform Luno Pte Asia Pacific, said that cryptocurrencies appear to be in their own bull market cycle and continue to rise.

On the news, there was important positive news in the currency circle. Powell said that the Fed “unintentionally” banned cryptocurrencies. But Powell also pointed out that stablecoins are similar to money market funds and require supervision.

On Friday, the Bank for International Settlements (BIS) released the latest report stating that private digital assets can coexist with potential digital currencies operated by the central bank. The report acknowledges that there are risks associated with alternative currencies supported by the central bank, but said that private initiatives will “bring lower public benefits” because they cannot be swapped with other forms of currencies, and because they lack what the national currency provides. protect.

Prior to this, the National Development and Reform Commission and 10 departments jointly issued a project that banned the declaration of virtual currencies in any name, and cryptocurrencies were sluggish for a while. Coupled with the time bomb of the global economic collapse-the US debt default crisis is like the sword of Damos hanging on the head of the currency.

The second crisis is temporarily lifted. On Thursday, local time, both houses of Congress passed a government financing bill that will allow the federal government to continue to operate until December 3. As long as U.S. President Biden signs the bill, the U.S. government will avoid funding shortages. Forced to close.

Secondly, some analysts believe that the US plans to legislate to fill the loopholes in currency speculation and tax avoidance is actually good for cryptocurrencies, that is, events that allow the US government to make money are good for most financial products.

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